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HomeMy WebLinkAboutAGENDA REPORT 2002 1002 CC REG ITEM 11CITEM c ACT ON. MOORPARK CITY COUNCIL and4 AGENDA REPORT To: Honorable City Council From: Nancy Burns, Senior Management Analyst C- Date: September 23, 2002 (CC Meeting of October 2, 2002) Subject: CONSIDER AUTHORIZING THE SALE OF 6479 PENN AVENUE #B BACKGROUND At its Special City Council Meeting of February 27, 2002, the Council approved Resolution No. 2002 -1947, authorizing the purchase of a townhouse at 6479 -B Penn Avenue for two hundred seventeen thousand dollars ($217,000), using Community Development Block Grant (CDBG) funds. The townhouse was to be deed restricted and resold to a low income household. Escrow closed on the purchase in Varsity Park on March 25, 2002; total costs of purchase were two hundred eighteen thousand seven hundred forty -five dollars ($218,745). At the time of the acquisition, HUD's intention to reduce future funds in the City's CDBG line regulations. HUD limits the amo "carry" to one and one half (13�) amount. DISCUSSION the City had been notified of CDBG grants, due to unexpended of credit which exceeded HUD unt of funds a jurisdiction may times the current annual grant The unit in question has not been marketed and remains unsold. Monthly Homeowner Association dues of two hundred five dollars ($205) reduce the viability of the property for low income households, as this reduces the amount that a low income household can pay toward a mortgage payment. Current market value in Varsity Park is estimated to be approximately two hundred forty -five thousand dollars ($245,000). Honorable City Council Date 09/23/02 Page 2 Proceeds from the sale will be returned to the CDBG fund. The first $218,745 realized will be returned to the Affordable Housing category. Additional funds realized, less seller's sales costs, will be considered "program income ", in keeping with CDBG regulations, and will be designated as unallocated CDBG funds. Transaction costs for this potential sale are estimated to total approximately thirteen thousand dollars ($13,000). The funds realized from the sale may be re- allocated and utilized for any eligible CDBG purpose. Council action is being requested to make funding allocations on November 6, 2002, at a noticed public hearing. STAFF RECOMMENDATION (ROLL CALL VOTE) 1. Approve Resolution No. 2002- , authorizing the sale of 6479 Penn Avenue, Unit #B, Moorpark, California, for fair market value, and no less than $218,745, plus estimated costs of sale; 2. Direct the City Manager to request reconveyance of the City's interest in this property; and 3. Direct staff to publish notice of a public hearing to be held November 6, 2002, to consider reallocating funds realized from the sale of this property. Attachment C 131L�C) RESOLUTION NO. 2002 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, AUTHORIZING THE SALE OF CERTAIN REAL PROPERTY DESCRIBED AS 6479 PENN AVENUE, UNIT #B, APN 514 -0- 093 -155 WHEREAS, the City of Moorpark, a municipal corporation, wishing to encourage the availability of Affordable Housing for low income households within the City, purchased said property on March 25, 2002, in order to resell the unit to a low income household; and WHEREAS, Community Development Block Grant (CDBG) funds of $218,745 were expended for the acquisition of said property; and WHEREAS, said unit has not been sold to a low income household. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The real property that is the subject of this resolution consists of 6479 Penn Avenue, Unit #B, APN 514- 0 -093- 155 and as described on Exhibit "A" which is attached hereto and incorporated herein, and as more particularly depicted on Exhibit "B" which is also attached hereto and incorporated herein. SECTION 2. The City Council hereby declares its intention to sell said property for market value, currently estimated to be approximately two hundred forty -five thousand dollars ($245,000), but in no case to accept less than the sum of two hundred eighteen thousand seven hundred forty -five dollars ($218,745) plus the costs of the sale, estimated to be approximately thirteen thousand dollars ($13,000), as full consideration for said property. SECTION 3. The proceeds from the sale of said property will be deposited into the City's CDBG fund: $218,745 to be returned to the Affordable Housing category; and any additional funds received to be identified as unallocated CDBG funds. SECTION 4. The City Manager shall request reconveyance of the City's interest in said real property. Resolution No. 2002 - Page 2 SECTION 5. This resolution shall become effective immediately upon its adoption. SECTION 6. The City Clerk shall certify to the adoption of this resolution and shall cause a certified resolution to be filed in the book of original resolutions. PASSED AND ADOPTED this 2nd day of October, 2002. Patrick Hunter, Mayor ATTEST: Deborah S. Traffenstedt, City Clerk Attachments: Exhibit "A" Exhibit "B" Resolution No. 2002 - Page 3 D m D 280 279 19 20 a kLOT 291 L•140. Exhibit "A" Map ' COMMON 49 244 AREA 092 „t• LOT 292 COMMON AREA `gel, O L-Uf col A/YGA 54 264 263 262 0 0 250 r ± M 266 265 ft O -i 246 0 248 LOT 281 ' ro (cob" ; 2 c COMM. AREA s 69 Z A 67 66 @ 64 @- 253 61 241 0267 COMMON LOT 295 =8r 232 O AREA 0 268 6 D � @24o LOT 294AREA COMM. rn 37 74 193 0269 236 235 0 0270 0 O 0 3 73 194 ©4 238 237 234 231 35 )D3 O9 271 �niuiunu • .,T �.. - � 5UNECT PROPERTY I AREA z3o O 10 272 71 19s 222 91" 26 OO 27 LOT 290 226 30 O 227 31 O 228 32 0 I I 273 70 197 Z5 12 274 33 COMMON L COMMON D 93 13 275 s '�• COMMON AREA s rn rn s 14 276 s s CL67 LOT 293 s 15 277 -* -f63r4r. 49 216 16 278 m @215 m 210 56 LOT 287 -i SI 214 20 57 D m D 280 279 19 20 a kLOT 291 L•140. Exhibit "A" Map ' COMMON 49 244 AREA 092 „t• LOT 292 COMMON AREA `gel, O 51 52 O 54 264 263 262 261 260 55 +• 259 Q O O 258 257 256 255 59 COMMON LOT 283 =(9r- AREA O 243 250 251 254 O 249 245 246 247 248 47 242 69 68 67 66 @ 64 @- 253 61 241 COMMON LOT 295 =8r 232 O AREA COMMON VARSITY LOT 282 g (PRIVATE) AREA @24o LOT 294AREA COMM. 233 37 74 193 O23 239 236 235 39 232 O 73 194 ©4 238 237 234 231 35 72 195 �niuiunu • .,T �.. - � 5UNECT PROPERTY I AREA z3o O 71 19s 222 91" 26 OO 27 28 8 226 30 O 227 31 O 228 32 0 229 70 197 Z5 33 COMMON L COMMON D 93 213 53 O a COMMON AREA 217 212 54 CL67 LOT 293 -* -f63r4r. 49 216 211 55 AREA @215 210 56 218 221 220 219 4 SI 214 20 57 207 206 59 44 45 O e O [--::o L07 COMMON 286 Nf „�' Resolution No. 2002 - Page 4 Exhibit "B" Legal Description The land referred to herein is situated in the County of Ventura, State of California, and is described as follows: Lot 277 of Tract 2726 -3, in the City of Moorpark, County of Ventura, State of California, as per map recorded in Book 80 Pages 84 to 87 inclusive of Maps, in the Office of the County Recorder of said County. Except all the coal, lignite, coal oil, petroleum, naphtha, asphalt, naltha, brea, natural gas, all kindred or similar minerals or mineral substances, water and other rights reserved by Simi Land and Water Company in deed recorded November 16, 1989 in Book 29, page 314 of Deeds, and granted to Union Oil Company of California, in the instrument recorded November 26, 1965 in Book 2902, Page 450, Official Records, without, however, the right to enter upon and use said land above a depth of 500 feet. 6v� '-,, 7 ,E , -" Lv -